AI startup Nugit secures $5.2Mn in fresh funds to ramp up research and development

Singapore-based Nugit was founded in 2013 with an aim to to help marketers make smarter decisions. It offers AI technology which is highly scalable for enterprises. This is reaffirmed by its clienteles which include giants like Facebook Inc, Johnson & Johnson, Digi, GroupM, Stardom and Publicis.

Today, to further ramp up research and development, the AI startup announced a $5.2 Mn funding round led by Sequoia India. By combining artificial intelligence, natural language generation, and visual design, Nugit transforms data into decision-ready reports that integrate seamlessly into marketers’ workflows. Its single largest account uses 8500 different accounts from platforms such as Google, Adobe Analytics, Facebook, Doubleclick.

The company is tapping the marketing industry which is expected to hit $185.4Bn by 2017, and with this kind of growth, demand for data analysis increases. A typical analyst spends 50-80% of their time extracting, cleaning and combining data before any analysis can be made. Existing solutions are not addressing these issues at scale.

David Sanderson, Founder and CEO of Nugit, said in an official statement,

We believe analytics can be much leaner and more intelligent, by leveraging technologies such as AI and Machine Learning. Sequoia India’s investment will help us accelerate our R&D and push the boundaries in these areas.

Nugit’s robust AI technology powers data cleaning, integration and harmonisation of data sources in real time. Their Natural Language Generation technology adds on insights written in easy to understand language and ‘decision-ready’ reports are then delivered via email or powerpoint.

The reports are built around ‘smart stories’ and beautiful visualizations that make for significantly better quality reports in a much shorter time. Nugit currently manages over 146,000 connected ad accounts for over 500 brands in 34 countries.

Pieter Kemps, Investment Advisor at Sequoia adds,

It has been impressive to see the intelligence of the Nugit platform, and how it offers enhanced efficiency and clarity to marketers. Nugit is part of a trend where global SaaS businesses are being built from Asia.